The firm also reported that its diluted earnings per common share were $.71, which is $.11 higher than the second quarter of 2011 while total revenues were $5bn, up by 8.1% from total net revenues of $4.6bn.
The company said that an accrual related to its portion of indemnification obligations associated with Visa litigation occurred, which reduced diluted earnings per common share by $.02.
Provision for credit losses was $50m lower than net charge-offs, against a provision for credit losses of $175m lower than net charge-offs for the second quarter of 2011.
US Bancorp chairman, president and chief executive officer Richard Davis said the bank reported record diluted earnings per common share of $.71, an 18.3% increase over the prior year’s quarter and a 6% increase over the first quarter of 2012.
"Both average loans and average deposits increased over the second quarter of last year and the prior quarter. On a linked quarter basis, average total loans grew by 1.9 percent, slightly higher than the linked quarter growth we experienced in the first quarter, driven once again by the commercial loan and residential mortgage categories, indicating that we are continuing to gain market share," Davis added.
"In fact, we achieved growth in virtually every fee category this period versus the prior quarter. Expenses were well-controlled, and we achieved positive operating leverage on both a year-over-year and linked quarter basis."
